Yacht-building sector promotes Poland abroad
The increase in yacht exports is an opportunity to promote Polish products from the premium sector. In 2017, approximately 22,000 yachts were manufactured in Poland, of which approximately 90% were intended for export (data from the Polish Yacht Industry and Watersports Chamber). It should be stressed that since 2009 the annual increase in production has been approximately 10%. After the U.S., Poland is the leader in the production of motor boats in the 6-9 metre segment, with over 50% of such motorboats worldwide coming from Poland.
It is a dynamically developing industry - in Poland there are approximately 150-170 shipyards, of which the 6 largest employ between 500 and 1,500 employees. The Export Credit Insurance Corporation (KUKE) stresses that ensuring adequate security of contracts and financing may prove necessary in order to sustain the current dynamics of yacht production growth. This could translate into more employment and more exports and a strengthening of the domestic economy.
In Poland, motor boats and sailboats up to 15 metres in length are made. Annual Polish production is as follows:
- motor boats up to 9 metres - approximately 17,000
- sailing boats - approximately 2,000.
Polish yachts go, among others, to the following countries: Norway, France, Germany, the United States, the Netherlands, the United Kingdom and the United Arab Emirates. Apart from yachts and motorboats, including luxury yachts, all types of boat equipment is manufactured in Poland, e.g. about 50% of all Tall Ships are fitted with sails from a Polish manufacturer.
Foreign sales of yachts currently account for only 0.19% of the value of all Polish exports, but they are growing steadily and are an excellent showcase of Poland as a manufacturer of high quality luxury goods. In order to ensure further growth opportunities for the industry, it is worth using transaction hedging instruments. The experience of the Export Credit Insurance Corporation shows that not only contract guarantees, but also the arrangement of financing for foreign buyers of yachts and the insurance of such transactions may be useful to this industry. We are no stranger to the cooperation with this sector, in 2018 we insured a loan to finance the export of a luxury yacht and granted limits for contractual guarantees to one of the yacht manufacturers. We expect the interest of yacht exporters in having a good financial offer for potential buyers to grow, and thus a further upturn in this export segment - said Katarzyna Kowalska, Vice-president of KUKE.